I've given long accounts of both schools in different threads. Here are my impression.
CLS - Pros: 1. Great student body. If you go, make sure you hang out with the asian/paciffic islanders club, they're pretty great.
2. 2nd largest legal library in the country
3. modern facilites which are being brought even further up to the cutting edge, technology wise.
4. A good housing program, with good rates on appartments.
5. Lenfast hall, the newest housing building, is absolutly beautiful, but it's all VERY expensive, although it's a great buy for what you're getting.
6. Great faculty in pretty much all areas.
7. Lots of journals - easy to publish if you want to, but the prestigious of journals other than the law review is lacking
Cons: 1. You have to take the subway to get anywhere
2. Some of the housing is a bit too close to the edges of riverside park for my taste
3. Very few decent restaurants nearby
4. Larger classes than NYU (130 vs 100 for first year sections)
NYU: Pros - 1. It's in the village (nuff said)
2. smaller classes than CLS
3. great faculty
4. Great clinic program (capped at 8 students!)
5. the colliquia (research em, they're fantastic classes)
6. Brand new class building, which is beautiful, and as state of the art as they come.
7. best international law and public interest law programs in the country
8. best LRAP in the country, and $4000 in summer funding if you work at a public interest job
Cons - 1. Housing isn't that great (it's barely competitive with market price)
2. no campus, the buildings are all close together, but they're just buildings in a city
3. Older people don't realize NYU is as good as it is.
The bottom line is that they're both great, and you need to see them yourself to decide. I fell in love with NYU on my visit there, and I will be very happy if I end up there. Both schools will get you a great job no matter how well you perform, neither has cumm gpa or class rank, and both schools actually have pretty laid back students bodies, despite the rumors about CLS. They're both changing all the time, as they compete with each other to be the number one school in NY, and that can only help students at both schools. Also, you can cross register between CLS and NYU, so in a very real way, you're just picking your alumni pool (NYU's seems more dedicated to me) where you want to live, and the name on your diploma. Good luck choosing, I'm sure no matter what you pick, you'll be happy.